The company completed five shipments of iron ore for 295,000 wet metric tonnes from the Iron Ridge mine in Western Australia's Mid West.

C1 free-on-board cash costs were A$81.72 per wet metric tonne, while the average price received was US$132.83 per dry metric tonne.

Received prices were positively impacted by $4.97 million due to quotation period price adjustments from the December quarter.

Net operating cashflow for the March quarter was A$33 million, compared to negative cashflow in the previous quarter.

New Fenix chairman John Welborn said it was great to see the improvement since the December quarter.

"So far this year, Fenix has shown we're on top of all the issues of running a Mid West iron ore producer," he said.

Cash at March 31 was $85.6 million, up from $54.9 million at the end of December.

Welborn said the company was very much in cash harvesting mode and hoped to pay a fully franked dividend later this year.

The company's dividend policy is to distribute 50-80% of post-tax profits to shareholders, subject to the availability of franking credits.

The company expects to make at least six shipments in the current quarter. Iron ore prices remain strong at more than US$150/t.

Welborn said there were three elements to Fenix's growth strategy.

The first is the restart of exploration, which comes after the company expanded its Mid West landholding recently via a deal with Scorpion Minerals.

"It's not a huge investment but it could be a very important investment," Welborn said.

The second element is the possible expansion of operations, while the third is acquisition.

Welborn said there were opportunities in the Mid West and the company was not likely to venture outside of that area at this stage.

"There's a wealth of opportunities for a company like Fenix to continue to build around us," he said.

Fenix shares were up about 1.7% to A29.5c, about a three-month high, valuing the company at $150 million.